Weekly Wealth Inspiration – Are You A Deferrer Or New Rich?

I’m starting a new series here on FPT called “Weekly Wealth Inspiration” (WWI). I’m a big fan of supporting oneself with all the resources possible – books, audios, forums, blogs, anything-I-can-grab-my-hands-on – to live the lifestyle of one’s dreams. So WWI will be anything from an inspiring quote, to sections of a book, an audio, video or anything under the sun to help you create a vision of wealth – both with your finances and lifestyle.

One of the books I consider to be a modern-day wealth & happiness bible is The 4-Hour Work Week by Tim Ferris. Below is from the 1st chapter and shows striking differences between what Tim calls “Deferrer” thinking vs. the “New Rich” mindset.

So, what makes the difference? What separates the New Rich (NR), characterized by options, from the Deferrers (D), those who save it all for the end only to find that life has passed them by? It begins at the beginning. The New Rich can be separated from the crowd based on their goals, which reflect very distinct priorities and life philosophies.

Note how subtle differences in wording completely change the necessary actions for fulfilling what at a glance appear to be similar goals. These are not limited to business owners. Even the first, as I will show later, applies to employees.

“Apples and Oranges: A Comparison”Excerpt taken from The 4-Hour Work Week by Tim Ferris

D: To work for yourself.NR: To have others work for you.

D: To work when you want to.NR: To prevent work for work’s sake, and to do the minimum necessary for maximum effect (“minimum effective load”).

D: To retire early or young.NR: To distribute recovery periods and adventures (mini-retirements) throughout life on a regular basis and recognize that inactivity is not the goal. Doing that which excites you is.

D: To buy all the things you want to have.NR: To do all the things you want to do, and be all the things you want to be. If this includes some tools and gadgets, so be it, but they are either means to an end or bonuses, not the focus.

D: To be the boss instead of the employee; to be in charge.NR: To be neither the boss nor the employee, but the owner. To own the trains and have someone else ensure they run on time.

D: To make a ton of money.NR: To make a ton of money with specific reasons and defined dreams to chase, timelines and steps included. What are you working for?

D: To have more.NR: To have more quality and less clutter. To have huge financial reserves but recognize that most material wants are justifications for spending time on the things that don’t really matter, including buying things and preparing to buy things. You spent two weeks negotiating your new Infiniti with the dealership and got $10,000 off? That’s great. Does your life have a purpose? Are you contributing anything useful to this world, or just shuffling papers, banging on a keyboard, and coming home to a drunken existence on the weekends?

D: To have freedom from doing that which you dislike.NR: To have freedom from doing that which you dislike, but also the freedom and resolve to pursue your dreams without reverting to work for work’s sake (W4W). After years of repetitive work, you will often need to dig hard to find your passions, redefine your dreams, and revive hobbies that you let atrophy to near extinction. The goal is not to simply eliminate the bad, which does nothing more than leave you with a vacuum, but to pursue and experience the best in the world.

(End of excerpt)

So where do you fall in all of this? Where do you want to be? Mindset is EVERYTHING when it comes to anything in life, and especially your finances. Agree or disagree – just comment below!

Tim’s a radical genius in lifestyle design, and I highly recommend you subscribe to Tim’s blog . Oh yeah- and while you’re at it – feel free to subscribe to FPT here too on the right sidebar to get more of these Weekly Wealth Inspiration tips & more practical financial planning and wealth advice. Yes – I am allowed to shamelessly self-promote all I want on my site!